Headlines herald a U.S. prime-time, subprime mortgage implosion leading to an upcoming credit-crunch crisis – destined to sink shares, raise interest rates and impale economies. But this is demonstrable nonsense… Fact is, subprime is a relatively small part of the overall debt market and the talk is much ado about little. And if I’m wrong about that? Then you get those widening spreads to warn you. And take cover fast. Until then, be bullish and enjoy watching the bears impale themselves. They are good at it.
~ Ken Fisher, chief executive, Fisher Investments, article written for FT.com, July 17, 2007